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You'd be with the consensus. Cole supposedly sits 93-96mph. While thats an impressive fastball (would rank him top 10 in MLB), its not Strasburg-level. Still, if velocity is all you're looking for, there are guys that throw that hard every year.
With so many plus pitches and great command, why is Cole striking out less than 10 college hitters per 9IPs (not even top 60)? Why is he giving up a decent amount of HRs? Why is his ERA not even in the TOP 100 right now?
I like him as a prospect, but the performance is too mediocre for me to be sold on him at #2 right now. The BB rate is nice, but a lot of guys are running low BB rates this year and given the rate of hits+XBHs it doesn't look like he has command. Cole doesn't rank top 50 in ANY rate category including BB/9, and hes a guy that could get picked in the top 2. 
It would be drafting completely based on tools and projection. If we're going to go that route, I'd rather gamble on a highschool hitter. The odds are better because theres less injury-risk/flame-out risk. If we're drafting a college pitcher, I would really rather take a crack at Hulzten or even Bauer at this point.